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Beef, chicken prices surge, hit Memorial Day record highs

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Americans having fun with their barbecues in the course of the unofficial start of summer this Memorial Day weekend likely paid a premium for ground beef and chicken, in keeping with the most recent federal data.

Prices for meat rose 0.7% between March and April of this 12 months, the US Department of Agriculture said.

Ground beef and chicken breasts rose by greater than 20% per pound, in keeping with the USDA.

Other barbecue staples like hot dogs, cheese, tomato, and lettuce also got dearer.

The worth of frankfurter meat rose by 14.5% while packaged hamburger and hot dog buns were 11.2% dearer.

Data cited by CNN found that the value of frozen meat rose 15.7% while the fee of frozen sausages increased by 24.4%.

Ketchup and mustard has also develop into more costly. The worth of ketchup increased by 15.8% while mustard became 11.2% dearer, in keeping with federal government data.

Ground beef and chicken breasts surged by greater than 20% per pound.AFP via Getty Images

The sky-high prices are a symptom of the record levels of inflation which have weighed on American’s bank accounts in recent months.

An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a 12 months earlier, just under a four-decade high set in March and the primary slowdown since November 2020.

The report added to other recent signs showing that while high inflation continues to cause hardships for tens of millions of households, it might finally be moderating, no less than for now.

CNN found that the price of frozen meat went up 15.7% while the cost of frozen sausages increased by 24.4%.CNN found that the value of frozen meat went up 15.7% while the fee of frozen sausages increased by 24.4%.Getty Images

The report also showed that consumer spending rose by a healthy 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time.

The continuing willingness of the nation’s consumers to maintain spending freely despite inflated prices helps sustain the economy.

With Post wires

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